Tax & Accounting Blog

Besides the relative simplicity of the current sales and use taxation system you will also miss the exemption on funeral services contained in section 4030.16 of the 2011 Puerto Rico Internal Revenue Code, as amended. The new VAT system desecrates the partial exemption you are now entitled to of up to $4,000 for services rendered … Read More

Israel’s Ministry of Finance is readying changes to the VAT Act to impose VAT on the sale of downloaded items, broadcasting and communication services as well as other types of online services. This new legislation bring the digital tax man to Israel, joining countries like New Zealand, South Korea, South Africa, Japan and even Read More

Stagnant economies all over the globe have been turning to tax reform in hopes of attracting investment, boosting revenue, and consumer spending. Thus far China has been no exception, but they are taking their reform to rather unprecedented levels and applying it to unexpected corners of the economy. In 2012, China did away with … Read More

In December, Japan’s ruling parties have agreed that all food products will remain at 8% when the general consumption tax rate rises to 10%. Now the work will begin on identifying what food products will qualify for the reduced rate and what food products are restaurant foods. The cost of the reduction will be … Read More

Last Tuesday 8th of March the President of Sri Lanka announced in a speech before the National Parliament that the VAT rate applicable within the country will be increased to 15% in order to reduce the government deficit, which has been hit by increased levels of borrowing, falling oil prices and international economic turmoil. … Read More